Not-Wedding-Related:Newly Married And Student Loan Repayment Questions!

posted 2 years ago in College
Post # 2
Member
157 posts
Blushing bee
  • Wedding: August 2016

I am sorry that this was a month ago and I hope my reply isn’t terribly late (and that you come back!). I work in the industry and have some knowledge about this.

IBRP (Income Based Repayment Plan) is a plan that is dependent on if your total student loan debt balance is a *significant* (and they mean it) amount of your income. Because you only have $6,000 in debt and I am guessing (hoping) you make more than $10,000/year, you probably can’t qualify for this plan.

ISRP (Income Sensitive Repayment Plan) applies only FFELs (Federal Family Education Loan) so unless you have one of those then this won’t apply either.

ICRP (Income Contingent Repayment Plan) is generally made available to people in default or people pursuing careers in low-paying fields, like public service. You may or may not qualify for this.

My advice is to always make a payment (even if it’s $15) each month because otherwise you can default and then you’ll collect interest every day, lose your tax refund, have your wages garnished, and be unable to take out other loans. Of course, I’m sure you would like to get rid of this debt ASAP but it might take longer just because of all the unexpected expenses you’ve been having. At the very least, they aren’t Private loans and there is no reason for your interest rates to skyrocket unexpectedly. Feel free to PM me about this, and good luck!

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